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World Business Quick Take

■ PROPERTY
Homeowners stay optimistic
Slumping home sales and drooping prices have not diminished US homeowner optimism about their own nest egg's value, a recent survey shows. The survey by Boston Consulting Group showed 55 percent of Americans believe they could sell their house for more money now than a year ago, down slightly from the 59 percent who felt that way last summer. Nearly three-quarters think they could sell their homes within the next six months at a price they set, and 63 percent feel that real estate is a good or excellent investment.

■ AVIATION
JAL speeds up job cuts
Japan Airlines (JAL) said yesterday it will eliminate 4,300 jobs by March 2009, a year earlier than planned, as the ailing carrier tries to return to profit. Asia's largest airline has forecast a return to profit in the current financial year on the back of a major restructuring drive and a switch to more profitable routes after two straight years of losses. JAL had initially planned to cut 4,300 jobs, largely through early retirement, by March 31, 2010. "We are going to speed that up and we expect to achieve that target by the end of financial year 2008, or March 31, 2009," JAL spokesman Stephen Pearlman said.

■ ECONOMY
Yuan rise no panacea: China
A rise in the value of China's currency will not in itself be enough to narrow the nation's yawning trade surplus, a senior central bank official was quoted as saying in state media yesterday. "China's export-oriented economy is a structural problem which cannot be fixed merely by changing its exchange rate," said Wu Xiaoling (吳曉靈), deputy governor of the People's Bank of China, according to the China Daily. She made the remarks at a forum in Beijing after US Treasury Secretary Henry Paulson said on Wednesday that China's pace of reform was too slow and the yuan was still undervalued.

■ TELECOMS
Telus, Bell mull merger
Canada's second-biggest telecommunications concern, Telus, is in merger talks with market leader Bell Canada Enterprises (BCE) to create a global competitor with a quasi-monopoly in its home nation, the companies said. BCE announced late on Wednesday it had "entered into discussions to explore the possibility of a business combination" with Telus. Telus followed with a statement on Thursday morning, saying it "is pursuing non-exclusive discussions with BCE about a possible business combination." Both companies, however, said it is possible a deal would not be reached.

■ MARKETS
Tokyo boss wants efficiency
The new president of the Tokyo Stock Exchange promised yesterday to increase efficiency as part of efforts to be a winner in the global competition among bourses to lure investors. Atsushi Saito, president and chief executive officer, replaced Taizo Nishimuro who became the chairman. Saito, who had served as a vice president of major Nomura Securities, said he was determined to further internationalize the exchange. "We will compete in the global marketplace, with the US, with London, with Europe. Every stock exchange wants to remain as an international bourse and the competition is tough," Saito said. "Asian exchanges are rapidly increasing their presence and influence. We must compete with them too."

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